In this September 2019 post, I disclosed a new position in HEICO position with the purchase of 300 shares @ ~$99/share in one of the 'Side' accounts in the FFJ Portfolio. What prompted me to analyze this company was an article entitled The Greatest Investor You’ve Never Heard Of: An Optometrist Who Beat The Odds [...]
I last reviewed Zoom Communications in this November 26, 2024 post at which time I pointed out how stock-based compensation (SBC) distorts the company's Free Cash Flow (FCF). FCF is a non-GAAP metric. How companies calculate FCF is, therefore, inconsistent. ZM, for example, merely deducts capital expenditures (CAPEX) from its Net cash provided by operating [...]
One of the books listed in the Books section of this blog is Peter L. Bernstein's Against the Gods: The Remarkable Story of Risk. In this book, Bernstein delves into the importance of risk assessment. It traces developments from ancient times to the modern financial era and emphasizes the critical role of risk assessment in [...]
Investing is difficult unless you master your mindset. The math component of the investing process is not what makes investing difficult. The difficulty lies in our ability/inability to control our emotions. Investing requires us to understand how we react in various situations. After having invested for almost 4 decades, I distill my approach to investing [...]
When I published my Copart Is A Great Company. Can't Say The Same For Its Valuation post on November 24, 2024, shares were trading at $62.70. Following the February 20, 2025 market close, CPRT released its Q2 and YTD2025 results. After reviewing its results, I acquired an additional 400 shares @ ~$56.29 in a 'Side' [...]
In my recent Carried Interest Is A Hidden Gem post, I include an excerpt from Bruce Flatt's (CEO of Brookfield Corporation) February 13, 2025 Letter To Shareholders in which he explains Carried Interest and why it is a hidden gem. Coincidentally, on February 14 2025, BlackRock (BLK) communicated its Board's decision (see Form 8-K) to [...]
Rollins (ROL) intends to double its revenue over the coming decade. This will require access to the capital markets. This now becomes possible with the assignment of investment-grade corporate credit ratings from Fitch and S&P Global. I last reviewed Rollins (ROL) in this April 30, 2024 post at which time the most current financial information [...]
I now pay considerably more attention to the tax implications of my investment decisions. Gone are the days where I looked forward to receiving dividend income. Our circumstances may differ, and therefore, my decision to significantly reduce dividend income may not align with your objectives. Furthermore, the tax treatments of different forms of investment income [...]
In my recent Tips To Achieve Investment Success post, I touch upon why it is important to think like an owner when investing. Shares are not mere pieces of paper. They represent part ownership of a business. So, when contemplating an investment, think like a prospective owner. - Warren Buffett Many shareholders totally miss the [...]
As a follow up to my Investing Should be Like Watching Paint Dry post, this post provides tips to achieve investment success. Success, however, can be as much about what to do as it is what not to do because our emotions lead us to make decisions that are not always rational. The following are [...]